Durban Kota House Co-Founder Sakhile Ngcobo Shares How Finances Became The Start-Up’s Biggest Challenge
Durban Kota House Co-Founder Sakhile Ngcobo Shares How Finances Became The Start-Up’s Biggest Challenge. In an interview with DJ Sbu on the Hustler’s Corner, South African entrepreneur and co-founder of Durban Kota House Sakhile Ngcobo shared how finances became the startup’s biggest challenge.
He said, “Opening a business is one thing but running the financial side of it can be a huge challenge, we told ourselves that we might as well be the one’s to do the finances. We didn’t know that this is how much we made in June on this particular date and how much we made in August in a certain date. Once we started collecting data for the business we saw a change because now I can go back two years and tell you how much was made on which day. Learning those things has been quite an experience.”
There are a lot of challenges that can be overwhelming to entrepreneurs when they are starting a business, Ngcobo shares that his startup felt overwhelmed when it came to the finances of the business, this is because they were not willing to keep record of the business’ finances. This led them to not knowing how much the business was making and how much it was spending.
This can affect the business negatively as they wouldn’t know if there is any money that isn’t accounted for and therefore they’d be more vulnerable to theft. Ngcobo mentioned that after realised how important it is to keep financial records and learning how to do it, their business changed for the better as they are now able to track each and every transaction that takes place. This is very essential as their business has grown and it needs to maintain a certain level of professionalism for it to be sustainable.
